80 FR 39460 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 4.3, Record of Written Complaints

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 131 (July 9, 2015)

Page Range		39460-39462
FR Document		2015-16728

Federal Register, Volume 80 Issue 131 (Thursday, July 9, 2015)

[Federal Register Volume 80, Number 131 (Thursday, July 9, 2015)]
[Notices]
[Pages 39460-39462]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-16728]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75355; File No. SR-NSX-2015-03]

Self-Regulatory Organizations; National Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Rule 4.3, Record of Written Complaints

July 2, 2015.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Exchange Act'' or ``Act'') \1\ and Rule 19b-4 thereunder,\2\
notice is hereby given that on June 23, 2015, National Stock Exchange,
Inc. (the ``Exchange'' or ``NSX'') filed with the Securities and
Exchange Commission (the ``Commission'') the proposed rule change, as
described in Items I and II below, which Items have been prepared by
the Exchange. The Exchange has designated this proposed rule change as
``non-controversial'' pursuant to section 19(b)(3)(A) of the Act \3\
and provided the Commission with the notice required by Rule 19b-
4(f)(6)(iii) under the Act.\4\ The Commission is publishing this notice
to solicit comments on the proposed rule change from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6)(iii).
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

The Exchange is proposing to amend Exchange Rule 4.3, Record of
Written Complaints, to conform the requirements of the rule to those
contained in the rules of other self-regulatory organizations
(``SROs''). The Exchange is also proposing to amend Rule 4.3 to
eliminate a requirement that complaints and actions with respect
thereto be forwarded promptly to the Exchange. The text of the proposed
rule change is available on the Exchange's Web site at www.nsx.com, at
the Exchange's principal office, and at the Commission's Public
Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change

In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and statutory basis for,
the proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
Currently, Rule 4.3(a) requires that each Exchange Equity Trading
Permit (``ETP'') Holder \5\ keep and preserve a file of all written
customer complaints \6\ and action taken by the ETP Holder with respect
to such complaints, for a period of not less than five years, the first
two of which must be in a readily accessible place. The Exchange
proposes to amend the rule to reduce the retention period for records
of customer complaints and ETP Holder actions with respect thereto from
five years to four years, the first two of which must be in a readily
accessible place.
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\5\ Rule 1.5E.(1) defines ETP as the Equity Trading Permit
issued by the Exchange for effecting approved securities
transactions on the Exchange's trading facilities.
\6\ Current Rule 4.3(c) defines a ``complaint'' as ``any written
statement of a customer or any person acting on behalf of a customer
alleging a grievance involving the activities of an ETP Holder or
persons acting under the control of the ETP Holder in connection
with (1) the solicitation or execution of any transaction conducted
or contemplated to be conducted through the facilities of the
Exchange or (2) the disposition of securities or funds of that
customer which activities are related to such a transaction.''
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The Exchange's proposed rule change will align the retention period
prescribed in Exchange Rule 4.3(a) with the retention periods for
customer complaint information prescribed in the rules of other SROs.
For example, FINRA Rule 4513 requires that FINRA members keep and
preserve a record of customer complaints and any action taken by the
FINRA member with respect to such complaints for a period of not less
than four years.\7\ Other national securities exchanges that previously
had a five-year retention period for customer complaint information
have amended their rules to reduce the record retention period for this
information from five years to four years.\8\ The Exchange believes
that amending Rule 4.3 to align its recordkeeping provisions with those
contained in the rules of other SROs will promote consistency and
uniformity, enhance regulatory efficiencies, and reduce the compliance
burden on ETP Holders that would result from the application of
different retention periods for customer complaints and any actions
with respect thereto.
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\7\ FINRA Rule 4513 requires that ``[e]ach [FINRA] member shall
keep and preserve in each office of supervisory jurisdiction either
a separate file of all written customer complaints that relate to
that office (including complaints that relate to activities
supervised from that office) and action taken by the member, if any,
or a separate record of such complaints and a clear reference to the
files in that office containing the correspondence connected with
such complaints. Rather than keep and preserve the customer
complaint records required under this Rule at the office of
supervisory jurisdiction, the member may choose to make them
promptly available at that office, upon request of FINRA.''
\8\ See, e.g., BATS Exchange, Inc. and BATS Y-Exchange Inc. Rule
4.3; See also Securities Exchange Act Release No. 74656 (April 6,
2015), 80 FR 19381 (April 10, 2015) (SR-BATS-2015-25) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change to
Amend Rule 4.3, Record of Written Complaints) and Securities
Exchange Act Release No. 74703 (April 10, 2015), 80 FR 20520 (April
16, 2015) (SR-BYX-2015-20) (Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change to Amend Rule 4.3, Record of
Written Complaints).
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The Exchange is proposing to further amend Rule 4.3 by deleting
paragraph (b), which provides that, upon an ETP Holder's receipt of a
complaint, a copy shall be forwarded promptly to the Exchange and a
report of the action taken by the ETP Holder on the complaint shall
also be forwarded to the Exchange. The Exchange notes that this
requirement to report upon receipt of a customer complaint and upon any
action with respect thereto is not present in the rules of other
SROs.\9\ The Exchange believes that maintaining a separate and distinct
reporting requirement for customer complaints and actions in response
thereto would be contrary to the considerations of uniformity and
consistency that the Exchange is seeking to advance in proposing the
amendments to Rule 4.3.
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\9\ See FINRA Rule 4513, BATS Exchange, Inc. and BATS Y-
Exchange, Inc. Rule 4.3. See also EDGA Exchange, Inc. and EDGX
Exchange Inc. Rule 4.3, Record of Written Complaints.
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The Exchange notes that there are already mechanisms in place in
the securities industry that provide for the prompt reporting of
complaints, settlements and other matters that present issues of
potential regulatory concern (e.g., written complaints

[[Page 39461]]

alleging fraud or misappropriation of customer funds or securities, and
settlements in excess of certain monetary amounts).\10\ The Exchange
believes that maintaining a separate and distinct reporting requirement
in its rules for customer complaints and actions in response thereto
imposes an unnecessary regulatory and compliance burden on ETP Holders.
Moreover, ETP Holders are obligated to furnish complaint information to
the Exchange upon request and the proposed rule change does not in any
way alter or impact that Exchange's ability to access that
information.\11\
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\10\ See, e.g., FINRA Rule 4530, Reporting Requirements.
\11\ Specifically, Rule 4.2, Furnishing of Records, provides, in
relevant part, that ``[e]very ETP Holder shall furnish to the
Exchange, upon request and in a time and manner required by the
Exchange . . . any records, files or financial information
pertaining to transactions executed on or through the Exchange . . .
[and] the [E]xchange shall be allowed access, at any time, to the
books and records of the ETP Holder in order to obtain or verify
information related to transactions executed on or through the
Exchange or activities relating to the Exchange.''
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Exchange Act and the rules and regulations thereunder applicable to
the Exchange and, in particular, the requirements of section 6(b) \12\
of the Exchange Act. Specifically, the Exchange believes that its
proposal is consistent with the requirements of section 6(b)(5) \13\
that the rules of an exchange be designed, among other things, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Aligning the
requirements of Rule 4.3 with the rules of other SROs will provide a
further harmonization of securities industry rules applicable to ETP
Holders. This will result in greater uniformity, enhanced regulatory
efficiency, and a reduced potential for inconsistent regulatory
approaches with regard to customer complaint recordkeeping and
reporting.
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\12\ 15 U.S.C. 78(f)(b).
\13\ 15 U.S.C. 78(f)(b)(5).
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Similarly, the Exchange's proposal to delete paragraph (b) of Rule
4.3, thereby eliminating the requirement that complaints and the ETP
Holder's action with respect thereto be reported to the Exchange, is
consistent with section 6(b)(5) of the Act in that it will remove a
requirement that, if left in place, imposes an unnecessary regulatory
and compliance burden and detracts from the goal of fostering
cooperation and coordination in the regulation of ETP Holders. Deleting
the separate and distinct reporting requirement will also provide
consistency and avoid regulatory duplication, which will operate to
promote just and equitable principles of trade, remove impediments to
and perfect the mechanism of a free and open market and a national
market system, and, in general, protect investors and the public
interest. The Exchange further submits that removing the reporting
requirement will alleviate a regulatory and compliance obligation and
allow regulatory resources to be directed to matters with greater
impact to the protection of investors.

B. Self-Regulatory Organization's Statement on Burden on Competition

The Exchange does not believe that the proposed rule amendment will
impose any burden on competition that is not reasonable or appropriate
in furtherance of the purposes of the Act. The proposed rule change is
not designed to address any competitive issue in the U.S. securities
markets or have any impact on competition in those markets because it
is intended to provide for greater harmonization of Exchange rules with
the rules of other SROs. The Exchange submits that the proposed
amendment will promote regulatory efficiency and consistency while
reducing the regulatory compliance burden on ETP Holders.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others

The Exchange has not solicited or received comments on the proposed
rule change from market participants or others.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

Because the proposed rule change does not (i) significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate, the proposed rule change has become effective
pursuant to section 19(b)(3)(A) of the Act \14\ and Rule 19b-4(f)(6)
thereunder.\15\
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\14\ 15 U.S.C. 78s(b)(3)(A).
\15\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission.
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-NSX-2015-03 on the subject line.

Paper Comments

Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NSX-2015-03. This file
number should be included in the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and

[[Page 39462]]

printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing will also be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NSX-2015-03 and should be
submitted on or before July 30, 2015.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-16728 Filed 7-8-15; 8:45 am]
BILLING CODE 8011-01P

39460 Federal Register / Vol. 80, No. 131 / Thursday, July 9, 2015 / Notices

For the Commission, by the Division of II. Self-Regulatory Organization’s national securities exchanges that
Trading and Markets, pursuant to delegated Statement of the Purpose of, and the previously had a five-year retention
authority.12 Statutory Basis for, the Proposed Rule period for customer complaint
Robert W. Errett, Change information have amended their rules to
Deputy Secretary. In its filing with the Commission, the reduce the record retention period for
[FR Doc. 2015–16731 Filed 7–8–15; 8:45 am] self-regulatory organization included this information from five years to four
statements concerning the purpose of, years.8 The Exchange believes that
BILLING CODE 8011–01–P
and statutory basis for, the proposed amending Rule 4.3 to align its
rule change and discussed any recordkeeping provisions with those
comments it received on the proposed contained in the rules of other SROs
SECURITIES AND EXCHANGE
will promote consistency and
COMMISSION rule change. The text of those
uniformity, enhance regulatory
statements may be examined at the
efficiencies, and reduce the compliance
[Release No. 34–75355; File No. SR–NSX– places specified in Item IV below. The
burden on ETP Holders that would
2015–03] Exchange has prepared summaries, set
result from the application of different
forth in sections A, B, and C below, of
retention periods for customer
Self-Regulatory Organizations; the most significant parts of such
complaints and any actions with respect
National Stock Exchange, Inc.; Notice statements.
thereto.
of Filing and Immediate Effectiveness A. Self-Regulatory Organization’s The Exchange is proposing to further
of Proposed Rule Change To Amend Statement of the Purpose of, and amend Rule 4.3 by deleting paragraph
Rule 4.3, Record of Written Complaints Statutory Basis for, the Proposed Rule (b), which provides that, upon an ETP
Change Holder’s receipt of a complaint, a copy
July 2, 2015.
shall be forwarded promptly to the
Pursuant to section 19(b)(1) of the 1. Purpose Exchange and a report of the action
Securities Exchange Act of 1934 (the Currently, Rule 4.3(a) requires that taken by the ETP Holder on the
‘‘Exchange Act’’ or ‘‘Act’’) 1 and Rule each Exchange Equity Trading Permit complaint shall also be forwarded to the
19b–4 thereunder,2 notice is hereby (‘‘ETP’’) Holder 5 keep and preserve a Exchange. The Exchange notes that this
given that on June 23, 2015, National file of all written customer complaints 6 requirement to report upon receipt of a
Stock Exchange, Inc. (the ‘‘Exchange’’ or and action taken by the ETP Holder customer complaint and upon any
‘‘NSX’’) filed with the Securities and with respect to such complaints, for a action with respect thereto is not
Exchange Commission (the period of not less than five years, the present in the rules of other SROs.9 The
‘‘Commission’’) the proposed rule first two of which must be in a readily Exchange believes that maintaining a
change, as described in Items I and II accessible place. The Exchange separate and distinct reporting
below, which Items have been prepared proposes to amend the rule to reduce requirement for customer complaints
by the Exchange. The Exchange has the retention period for records of and actions in response thereto would
designated this proposed rule change as customer complaints and ETP Holder be contrary to the considerations of
‘‘non-controversial’’ pursuant to section actions with respect thereto from five uniformity and consistency that the
19(b)(3)(A) of the Act 3 and provided the years to four years, the first two of Exchange is seeking to advance in
Commission with the notice required by which must be in a readily accessible proposing the amendments to Rule 4.3.
place. The Exchange notes that there are
Rule 19b–4(f)(6)(iii) under the Act.4 The
The Exchange’s proposed rule change already mechanisms in place in the
Commission is publishing this notice to securities industry that provide for the
solicit comments on the proposed rule will align the retention period
prescribed in Exchange Rule 4.3(a) with prompt reporting of complaints,
change from interested persons. settlements and other matters that
the retention periods for customer
I. Self-Regulatory Organization’s complaint information prescribed in the present issues of potential regulatory
Statement of the Terms of the Substance rules of other SROs. For example, concern (e.g., written complaints
of the Proposed Rule Change FINRA Rule 4513 requires that FINRA
members keep and preserve a record of office (including complaints that relate to activities
The Exchange is proposing to amend supervised from that office) and action taken by the
customer complaints and any action member, if any, or a separate record of such
Exchange Rule 4.3, Record of Written taken by the FINRA member with complaints and a clear reference to the files in that
Complaints, to conform the respect to such complaints for a period office containing the correspondence connected
requirements of the rule to those of not less than four years.7 Other with such complaints. Rather than keep and
contained in the rules of other self- preserve the customer complaint records required
under this Rule at the office of supervisory
regulatory organizations (‘‘SROs’’). The 5 Rule 1.5E.(1) defines ETP as the Equity Trading
jurisdiction, the member may choose to make them
Exchange is also proposing to amend Permit issued by the Exchange for effecting promptly available at that office, upon request of
Rule 4.3 to eliminate a requirement that approved securities transactions on the Exchange’s FINRA.’’
trading facilities. 8 See, e.g., BATS Exchange, Inc. and BATS Y-
complaints and actions with respect 6 Current Rule 4.3(c) defines a ‘‘complaint’’ as Exchange Inc. Rule 4.3; See also Securities
thereto be forwarded promptly to the ‘‘any written statement of a customer or any person Exchange Act Release No. 74656 (April 6, 2015), 80
Exchange. The text of the proposed rule acting on behalf of a customer alleging a grievance FR 19381 (April 10, 2015) (SR–BATS–2015–25)
change is available on the Exchange’s involving the activities of an ETP Holder or persons (Notice of Filing and Immediate Effectiveness of a
acting under the control of the ETP Holder in Proposed Rule Change to Amend Rule 4.3, Record
Web site at www.nsx.com, at the connection with (1) the solicitation or execution of of Written Complaints) and Securities Exchange Act
srobinson on DSK5SPTVN1PROD with NOTICES

Exchange’s principal office, and at the any transaction conducted or contemplated to be Release No. 74703 (April 10, 2015), 80 FR 20520
Commission’s Public Reference Room. conducted through the facilities of the Exchange or (April 16, 2015) (SR–BYX–2015–20) (Notice of
(2) the disposition of securities or funds of that Filing and Immediate Effectiveness of a Proposed
12 17
customer which activities are related to such a Rule Change to Amend Rule 4.3, Record of Written
CFR 200.30–3(a)(12). transaction.’’ Complaints).
1 15 U.S.C. 78s(b)(1). 7 FINRA Rule 4513 requires that ‘‘[e]ach [FINRA] 9 See FINRA Rule 4513, BATS Exchange, Inc. and
2 17 CFR 240.19b–4.
member shall keep and preserve in each office of BATS Y-Exchange, Inc. Rule 4.3. See also EDGA
3 15 U.S.C. 78s(b)(3)(A).
supervisory jurisdiction either a separate file of all Exchange, Inc. and EDGX Exchange Inc. Rule 4.3,
4 17 CFR 240.19b–4(f)(6)(iii). written customer complaints that relate to that Record of Written Complaints.

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Federal Register / Vol. 80, No. 131 / Thursday, July 9, 2015 / Notices 39461

alleging fraud or misappropriation of Exchange, is consistent with section of the Act 14 and Rule 19b–4(f)(6)
customer funds or securities, and 6(b)(5) of the Act in that it will remove thereunder.15
settlements in excess of certain a requirement that, if left in place, At any time within 60 days of the
monetary amounts).10 The Exchange imposes an unnecessary regulatory and filing of the proposed rule change, the
believes that maintaining a separate and compliance burden and detracts from Commission summarily may
distinct reporting requirement in its the goal of fostering cooperation and temporarily suspend such rule change if
rules for customer complaints and coordination in the regulation of ETP it appears to the Commission that such
actions in response thereto imposes an Holders. Deleting the separate and action is necessary or appropriate in the
unnecessary regulatory and compliance distinct reporting requirement will also public interest, for the protection of
burden on ETP Holders. Moreover, ETP provide consistency and avoid investors, or otherwise in furtherance of
Holders are obligated to furnish regulatory duplication, which will the purposes of the Act. If the
complaint information to the Exchange operate to promote just and equitable Commission takes such action, the
upon request and the proposed rule principles of trade, remove Commission shall institute proceedings
change does not in any way alter or impediments to and perfect the to determine whether the proposed rule
impact that Exchange’s ability to access mechanism of a free and open market should be approved or disapproved.
that information.11 and a national market system, and, in IV. Solicitation of Comments
2. Statutory Basis general, protect investors and the public
interest. The Exchange further submits Interested persons are invited to
The Exchange believes the proposed that removing the reporting requirement submit written data, views, and
rule change is consistent with the arguments concerning the foregoing,
will alleviate a regulatory and
Exchange Act and the rules and including whether the proposed rule
compliance obligation and allow
regulations thereunder applicable to the change is consistent with the Act.
regulatory resources to be directed to
Exchange and, in particular, the Comments may be submitted by any of
matters with greater impact to the
requirements of section 6(b) 12 of the the following methods:
protection of investors.
Exchange Act. Specifically, the
Exchange believes that its proposal is B. Self-Regulatory Organization’s Electronic Comments
consistent with the requirements of Statement on Burden on Competition • Use the Commission’s Internet
section 6(b)(5) 13 that the rules of an comment form (http://www.sec.gov/
exchange be designed, among other The Exchange does not believe that rules/sro.shtml); or
things, to promote just and equitable the proposed rule amendment will • Send an email to rule-comments@
principles of trade, to foster cooperation impose any burden on competition that sec.gov. Please include File Number SR–
and coordination with persons engaged is not reasonable or appropriate in NSX–2015–03 on the subject line.
in regulating, clearing, settling, furtherance of the purposes of the Act.
processing information with respect to, The proposed rule change is not Paper Comments
and facilitating transactions in designed to address any competitive • Send paper comments in triplicate
securities, to remove impediments to issue in the U.S. securities markets or to Secretary, Securities and Exchange
and perfect the mechanism of a free and have any impact on competition in Commission, 100 F Street NE.,
open market and a national market those markets because it is intended to Washington, DC 20549–1090.
system, and, in general, to protect provide for greater harmonization of All submissions should refer to File
investors and the public interest. Exchange rules with the rules of other Number SR–NSX–2015–03. This file
Aligning the requirements of Rule 4.3 SROs. The Exchange submits that the number should be included in the
with the rules of other SROs will proposed amendment will promote subject line if email is used. To help the
provide a further harmonization of regulatory efficiency and consistency Commission process and review your
securities industry rules applicable to while reducing the regulatory comments more efficiently, please use
ETP Holders. This will result in greater compliance burden on ETP Holders. only one method. The Commission will
uniformity, enhanced regulatory post all comments on the Commission’s
efficiency, and a reduced potential for C. Self-Regulatory Organization’s
Statement on Comments on the Internet Web site (http://www.sec.gov/
inconsistent regulatory approaches with rules/sro.shtml). Copies of the
regard to customer complaint Proposed Rule Change Received From
Members, Participants or Others submission, all subsequent
recordkeeping and reporting. amendments, all written statements
Similarly, the Exchange’s proposal to The Exchange has not solicited or with respect to the proposed rule
delete paragraph (b) of Rule 4.3, thereby received comments on the proposed change that are filed with the
eliminating the requirement that
rule change from market participants or Commission, and all written
complaints and the ETP Holder’s action
others. communications relating to the
with respect thereto be reported to the
proposed rule change between the
III. Date of Effectiveness of the
Commission and any person, other than
10 See, e.g., FINRA Rule 4530, Reporting Proposed Rule Change and Timing for
Requirements. those that may be withheld from the
Commission Action
11 Specifically, Rule 4.2, Furnishing of Records, public in accordance with the
provides, in relevant part, that ‘‘[e]very ETP Holder provisions of 5 U.S.C. 552, will be
shall furnish to the Exchange, upon request and in
Because the proposed rule change
a time and manner required by the Exchange . . . does not (i) significantly affect the available for Web site viewing and
any records, files or financial information protection of investors or the public
srobinson on DSK5SPTVN1PROD with NOTICES

pertaining to transactions executed on or through 14 15 U.S.C. 78s(b)(3)(A).
interest; (ii) impose any significant
the Exchange . . . [and] the [E]xchange shall be 15 17 CFR 240.19b–4(f)(6). As required under Rule
allowed access, at any time, to the books and burden on competition; and (iii) become 19b–4(f)(6)(iii), the Exchange provided the
records of the ETP Holder in order to obtain or operative for 30 days from the date on Commission with written notice of its intent to file
verify information related to transactions executed which it was filed, or such shorter time the proposed rule change, along with a brief
on or through the Exchange or activities relating to description and the text of the proposed rule
the Exchange.’’
as the Commission may designate, the
change, at least five business days prior to the date
12 15 U.S.C. 78(f)(b). proposed rule change has become of filing of the proposed rule change, or such
13 15 U.S.C. 78(f)(b)(5). effective pursuant to section 19(b)(3)(A) shorter time as designated by the Commission.

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Document Created: 2018-02-23 09:14:03
Document Modified: 2018-02-23 09:14:03

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 39460